代写范文

留学资讯

写作技巧

论文代写专题

服务承诺

资金托管
原创保证
实力保障
24小时客服
使命必达

51Due提供Essay,Paper,Report,Assignment等学科作业的代写与辅导,同时涵盖Personal Statement,转学申请等留学文书代写。

51Due将让你达成学业目标
51Due将让你达成学业目标
51Due将让你达成学业目标
51Due将让你达成学业目标

私人订制你的未来职场 世界名企,高端行业岗位等 在新的起点上实现更高水平的发展

积累工作经验
多元化文化交流
专业实操技能
建立人际资源圈

Supervision of shadow banking in China and the United States

2019-01-15 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Supervision of shadow banking in China and the United States,供大家参考学习,这篇论文讨论了中美影子银行的监管。美国影子银行的监管机构以金融稳定委员会为核心,多个监管机构为辅助共同监管,美联储是实际的监管主体。金融稳定委员会作为主要的监管协调机构,负责提供建议和指导,协调影子银行体系的整体监管。而在中国,央行负责监管金融机构跨市场理财业务以及第三方支付业务,负责统计各类社会融资活动,确定影子银行的具体规模;银监会则是影子银行的主要监管机构,负责监管银行业的理财业务;证监会负责监管证券期货机构的理财业务,各类私募投资基金也属于证监会的监管范围。

shadow banking,中美影子银行的监管,essay代写,paper代写,作业代写

In the 1980s, with the gradual marketization of the financial system, the intermediary of financial intermediaries in the United States underwent a qualitative change, and since then, shadow banking has been developing rapidly and playing an increasingly important role. Since the start and development of shadow banking are different between China and the United States, the scale, composition and characteristics of shadow banking development show significant differences.

The shadow banking system of the United States is mainly composed of shadow banking initiated by the government, internal shadow banking and external shadow banking. These financial intermediaries are mainly engaged in credit, maturity and liquidity conversion, but have not obtained public sector credit guarantees or liquidity guarantees provided by central Banks. It is the essence of shadow banking in the United States to provide basic assets through the securitization of residential mortgage loans into the business of traditional Banks. Shadow banking in the United States gathers a large amount of cheap funds with its unique advantages and integrates them into the financial market, contributing to the bubble of the American real estate market and further promoting the outbreak of the financial crisis. In terms of corporate and personal credit, traditional Banks are seriously threatened by shadow banking. In the financial circle of the United States, shadow banking has been active in the financial market as an important subject of creating money. At the start of 2007, before the financial crisis, the total assets of America's shadow Banks exceeded those of its five biggest Banks.

The characteristics of shadow banking in the United States can be summarized into six aspects: first, the credit creation function is similar to that of traditional Banks. Shadow Banks take capital as the transaction and operation object, absorb all kinds of deposits, and then issue loans, create new derived deposits, and increase the money supply of the society. Second, the leverage ratio is relatively high. Shadow Banks do not have deposit insurance system, lender of last resort and other bank protection mechanisms. They mainly use financial leverage for leverage operation. Third, securitization products are mostly based on securitization. Securitization products of shadow Banks are led by securitization of housing loans, and also include various market credit expansion tools and a variety of financial products. Fourthly, the forms of transaction are mostly wholesale over the counter, with strong concealment and little information disclosure. Five is high liquidity risk, because of the shadow banking term mismatch business model and financial product design of rationality, and loan risk of default by the shadow banking subprime mortgage securitization layers of scattered on the risk appetite is stronger, the constraints of unregulated hedge funds, if the money in financial markets severe liquidity crunch will greatly increase the shadow banking liquidity risk faced by; Sixth, the off-balance sheet nature. Because of the lack of channel capacity of shadow banking, it must work closely with traditional Banks to maintain its own operation and development. Shadow banking is outside the regulatory system and is not subject to the constraints and restrictions of regulatory indicators. The shadow banking business within the commercial banking system is also outside the balance sheet, thus evading regulatory constraints.

Shadow banking in China can be divided into three types. The first type is credit intermediary institutions without financial license and without supervision, represented by third-party financial institutions and new-type online financial companies. The second category is credit intermediary institutions such as financing guarantee companies and small loan companies. The characteristics of such shadow Banks are that they do not hold financial licenses and have insufficient supervision. The third type of shadow banking includes asset securitization, money market funds and some wealth management businesses, etc. It holds a financial license, but some of its businesses are subject to regulatory evasion or inadequate supervision. In China, shadow banking is difficult to be counted because of its wide range and strong concealment, and there is no consensus among scholars of scale economics on shadow banking in China. No. 107, will have plenty of regulation as the basis of judging the shadow banking, according to this standard, according to the monitoring data of China electronics research center, by the end of 2013, the size of the domestic shadow Banks has more than 32.7 trillion yuan, entrusted loans, folk lending, financing the size of the trust, collections finance 8.3 trillion yuan respectively, 7.4 trillion yuan, 5.8 trillion yuan, 7.4 trillion yuan, the total amount of their proportion in the total size of the shadow banking has reached 80%. The characteristics of China's shadow banking can be summarized in the following four aspects: first, commercial Banks are the leading force. The financial products of commercial Banks occupy an important position in China's shadow banking. From 2005 to 2008, a total of 19 securitization orders were issued during the pilot period. After the financial crisis, this business fell into long-term stagnation and slow development. Third, the leverage ratio is low. Due to China's strict supervision of the financial industry at the present stage, asset securitization and financial derivatives with high leverage ratio are still in the pilot stage in China. Fourth, most purchasers are individual investors. Different from institutional investors of shadow banking in Europe and America, trust products and financial products are important components of shadow banking in China, and most purchasers are individual investors.

The financial stability board is the core of the regulatory body of shadow banking in the United States, with multiple regulatory agencies as auxiliary regulators. The federal reserve is the actual regulatory body. The financial stability board serves as the main regulatory co-ordinator, providing advice and guidance and co-ordinating overall regulation of the shadow banking system. The business links between formal commercial Banks and shadow Banks, financial holding companies, non-bank financial institutions and financial entities with important influence are supervised by the federal reserve. As the most active market of shadow banking, the capital market is mainly controlled by the securities and exchange commission and commodity futures trading commission. Besides, the structured derivatives and securitization markets are also supervised by these two major regulators.

The regulatory objects and scope of shadow banking in the United States involve private equity funds, hedge funds, derivatives dealers, securitization participating institutions, commercial Banks related to shadow banking, rating agencies, consumers and so on. In addition, the regulatory target also includes the proprietary trading scope of banking institutions. The development of shadow banking is regulated through the entry and exit threshold of shadow banking institutions or activities, and the regulatory standards and restrictions of shadow banking are regulated through legislation. It stipulates the information disclosure requirements and transaction information registration system of shadow Banks, determines the applicable leverage ratio, capital adequacy ratio, risk asset ratio and liquidity requirements of shadow Banks, clarifies the trading behaviors that need to be prohibited, and strengthens the supervision of financial derivatives. However, there are still gaps in the supervision of derivatives, which do not involve the supervision of interest rate swaps, credit default swaps, total return swaps of assets and other derivatives.

Shadow banking in the United States started early and its regulatory system is relatively sound and mature. There are laws such as the investment adviser act and the trust deed act to regulate investment Banks. The dodd-frank act enacted after the subprime crisis strengthened the supervision of shadow banking in a more comprehensive way. The shadow banking business in the United States is mostly non-standardized business, trading in the over-the-counter market. The supervision of shadow banking is a decentralized regulatory pattern of "double bull". The federal reserve, Treasury Department, office of thrift supervision, securities and exchange commission and other departments have regulatory responsibilities and obligations, which are called "bulls". The regulatory model is advantageous to the American institutions limit and to avoid concentrations of right, is good for giving full play to the advantages of professional division of labor and improve the efficiency of supervision, however, classification regulation mode and the status of the shadow banking mixed operation does not adapt, term mismatch and overlapping phenomenon is obvious, otc and structured financial products are lack of regulatory agencies, in regulatory vacuum, functional regulation becomes a trend.

For China, the supervision subject of shadow banking is the "one row, three meetings" under the unified leadership of the state council. The central bank is responsible for supervising financial institutions' trans-market financial management business and third-party payment business, collecting all kinds of social financing activities and determining the specific scale of shadow banking. The CBRC is the main regulator of shadow banking, which is responsible for supervising the banking wealth management business. The CSRC is responsible for supervising the financial management business of securities and futures institutions, and all kinds of private investment funds are also under the supervision of the CSRC. The financial management business of an insurance institution belongs to the regulatory scope of circ. For those emerging things such as network financial activities, third-party financial planning and asset securitization of non-financial institutions that have developed with the increase of demand, the supervision subject is jointly determined by the people's bank of China and relevant departments.

From the perspective of business form, the supervision objects and scope of shadow banking in China mainly include private lending of enterprises or individuals, financial products, bank-credit cooperative financial management, credit asset transfer, private fund and Internet finance. From the perspective of institutional form, the supervision objects and scope of shadow banking in China include trust companies, pawnshops, traditional commercial Banks, financing guarantee companies and small loan companies. The focus of regulation is to ensure public disclosure of information and prevent regional and systemic risks. At present, the focus of supervision is to cut off the transmission of risks between shadow Banks and the outside world, reduce the correlation between off-balance sheet businesses, and strengthen the supervision of credit default.

Shadow banking in our country in recent years the rapid development momentum, with the disorderly development of shadow banking, the related laws and regulations introduced, at the end of 2013, China's first shadow banking supervising and the notice on strengthening some issues of the shadow banking, points out that the composition of the shadow banking in our country, has been clear about the regulation of the shadow banking division of responsibility.

Through comparison, it can be seen that the overlapping regulatory agencies of shadow banking in the United States are conducive to closing the regulatory loopholes among the regulatory agencies, and the benign competition among the regulatory agencies also promotes the regulatory agencies to better perform their functions and improve the regulatory efficiency. However, the regulatory mechanism increases the social cost and reduces the operability of the system. The supervision body of shadow banking in China is "one row, three meetings". This system is conducive to giving play to the professional advantages of each institution and improving the supervision efficiency, but classified supervision is prone to regulatory loopholes.

In comparison, the regulatory objects and scope of shadow banking in China are more clear, and the classification of institutional form and business form is more clear. In addition to the business of shadow banking, the supervision objects of shadow banking in the United States also include commercial Banks, rating agencies and consumers related to shadow banking.

Compared with China and the United States, the United States has a stronger supervision on shadow banking. The United States sets a threshold for the withdrawal and access of institutions and businesses of shadow banking and determines regulatory indicators such as leverage ratio and capital adequacy ratio applicable to the shadow banking in the United States.

The shadow banking regulation law earlier in China's shadow banking regulation law, and regulation legal system more perfect and mature, the dodd - frank act formed the basic framework of the shadow banking regulatory reform, indicate the direction of the American shadow banking supervision, standardize the development of the shadow banking. Clarified the time for the improvement and full implementation of shadow banking supervision; Pay more attention to the cooperation of regulatory departments, clarify the responsibilities of various regulatory departments, reduce the overlapping functions of regulatory agencies; Promote commercial Banks to return to traditional business and improve the stability of the banking system; However, its supervision still has shortcomings. The supervision of shadow banking is too macro and lacks specific implementation rules. There are no specific supervision measures for insurance companies, government-supported enterprises like Freddie MAC and fannie mae, nor restrictions on mixed operation. The effect of supervision faces great uncertainty in the process of implementation. Regulation of shadow banking has been patchy, with many elements compromised. Correspondingly, document 107, as the first regulatory regulation of China's shadow banking, points out the composition of China's shadow banking and the division of responsibilities for supervising shadow banking institutions and business activities, which provides a basis for the supervision of China's shadow banking. More emphasis should be placed on the division of responsibilities of shadow banking, the responsibilities of supervision should be clarified, and the supervision departments and their responsibilities should be clarified for the business and institutions of shadow banking. The supervision objects and scope of shadow banking are clarified, and three types of shadow banking in China are pointed out. We will bring private financing and online finance into the scope of regulation. However, the regulation is not perfect and there are loopholes in the supervision of shadow banking. There is no clear definition of shadow banking; It is not clear where the risks of shadow banking lie or how they exist. Shadow banking is still a bull management, there are regulatory twilight zone, regulation of overlap and gap is inevitable, financial institutions, regulatory arbitrage space still exists, there is no clear along with the financial development of the network financial and non-financial assets securitization, third-party financial and other new things by which regulatory supervision; Shadow banking supervision is still administrative supervision, and its effectiveness is questioned.

Through the analysis of China's "three line will be" and the umbrella of the United States pattern differentiated regulatory system and regulatory model, comparing the difference, analyzes their advantages and disadvantages, aiming at the existing problem of shadow banking supervision in our country, draw lessons from the United States regulatory experience, put forward to strengthen policy recommendations of shadow banking supervision in our country, through two kinds of means to common market and country.

Market regulation mainly implements the marketization of interest rate, interest rate marketization, the commercial bank may, according to the currency supply and demand on the market to determine the level of interest rates, commercial Banks will be competed for low interest rates to ensure that the source of loan customers, while for small micro enterprise before lending will also change the situation, the flow of funds will be more small micro enterprise and the real economy, reducing the overall amount of capital the shadow banking, at the same time the disappearance of the interest rate control financing intermediary function of the shadow banking system is reduced, the expansion of the scale of shadow Banks got a certain degree of inhibition.

The national supervision is mainly to speed up the improvement of the existing regulatory regulations and improve the judgment standard system of shadow banking. The regulatory authorities should monitor the risk types and ways of shadow banking, clarify the risks of shadow banking, formulate more targeted regulatory measures and reform the regulatory methods. On the whole, supervision belongs to administrative guidance with limited supervision. In addition to necessary administrative supervision, shadow banking also needs to cooperate with other supervision methods to strengthen supervision of shadow banking in an all-round way. Strengthen the supervision of shadow banking risks; At the same time, the core regulators of shadow banking should be determined to eliminate the regulatory ambiguity, and the regulators of emerging entities such as online finance should be clarified.

51due留学教育原创版权郑重声明:原创paper代写范文源自编辑创作,未经官方许可,网站谢绝转载。对于侵权行为,未经同意的情况下,51Due有权追究法律责任。主要业务有essay代写、assignment代写、paper代写服务。

51due为留学生提供最好的paper代写服务,亲们可以进入主页了解和获取更多paper代写范文 提供作业代写服务,详情可以咨询我们的客服QQ:800020041。

上一篇:Interactive public art 下一篇:Semiotics in the room